Economic TimesLean R·
RBI net forex buys hit a record $43 billion in August, balances it with swaps
Mumbai: The Reserve Bank of India (RBI) made a record net purchase of $43.26 billion in the spot foreign exchange market in August as it absorbed dollars amid inflows from the FCNR(B) scheme. However, these purchases did not translate into an equivalent increase in foreign exchange reserves, as the central bank simultaneously undertook large foreign exchange sell/buy swaps.The transactions pushed the RBI's net forward dollar sales position to a record $200.06 billion at the end of August, up fr…
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